Defined Benefit Retirement Plan for Lay Employees
- Vesting
Vesting begins when an employee completes five years of service or reaches age 55, whichever comes first. - Retirement Options
Normal Retirement benefits begin at age 65. Employees may also retire as early as age 55 with a reduced benefit. For those working after age 65, contributions continue and credited service is earned until retirement. - Portability
If a job ends before the employee is vested, he or she forfeits the benefits. Vested employees who leave their jobs are entitled to a benefit when they retire. - Returning to Work After an Absence
Vested employees who return to work for a participating employer receive credit for all prior service. Those not vested when they leave a job will also receive credit for prior service if they return to work within fewer years than they had served in the job. Employees not vested when they leave who are absent for longer than they worked will not receive credit for prior service.
Temporary absence is not termination. An employee who is temporarily absent because of sickness, accident, military service, or authorized leave of absence will continue to be a member of the plan unless the job is terminated.